Digital Core REIT (DCRU) Q3 2026 TU earnings summary

Executive summary

• 9M26 distributable income was $34.8m, down 1.1% YoY; Linton Hall lease-up underpins a mid-teens 2027 growth forecast.

• Pro forma portfolio metrics include $1.8bn AUM, 10 data centres, 99% occupancy and 37.6% aggregate leverage; figures reflect a pending portfolio transaction.

• Leasing activity generated $6.1m annualised rent and 23% cash rental reversion on leases signed in 9M26.

Financial highlights

• 9M26 revenue was $134.5m, up 1.6% YoY; NPI was $64.8m, down 4.3%, and cash NPI was $63.3m, down 5.4%.

• 9M26 profit was $22.3m, down 22.4%; net profit attributable to unitholders was $12.7m, down 32.0%.

• 9M26 distributable income attributable to unitholders was $34.8m versus $35.2m, down 1.1%; distribution adjustments were $22.1m, up 33.7%.

• NPI and cash NPI declines primarily reflected redevelopment of 8217 Linton Hall in Northern Virginia.

Outlook and guidance

• Linton Hall lease-up supports a mid-teens growth forecast for 2027.

• 2027 guidance: positive cash rental reversion, mid-single-digit portfolio occupancy, average interest rate of 3.25%-3.75%, and DPU of 4.15-4.25 cents.

• Guidance reflects management expectations as at 27 October 2026; actual results may differ materially.